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FincoEnergies to expand GoodFuels, GoodShipping and GoodZero brands into Americas

US team will be headed by Kimberly Westmoreland, FincoEnergies’ newly appointed Managing Director for the Americas region, who brings 15 years of experience in marine operations and fuel procurement.

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Independent provider of energy and decarbonisation solutions for the heavy transport FincoEnergies on Wednesday (18 October) has announced the expansion of its GoodFuels, GoodShipping and GoodZero brands into the Americas, with the appointment of Kimberly Westmoreland as Managing Director for the region.

FincoEnergies’ new US-based team will provide real-time support for and access to commercially-proven sustainable biofuels, carbon insetting and carbon offsetting offerings across the Americas, responding to the fast-growing demand for immediate decarbonisation solutions in the region.

FincoEnergies’ experience in the sustainable biofuel market is unparalleled. Since 2015, its GoodFuels brand has delivered advanced fuels that “drop in” to conventional tanks and reduce carbon emissions by up to 90% without requiring any alterations to the fuel infrastructure or marine engines.

The US team will be headed by Kimberly Westmoreland, FincoEnergies’ newly appointed Managing Director for the Americas region, who brings over 15 years of experience in marine operations and fuel procurement, including previous roles at Parkland USA and Royal Caribbean Cruises. 

The launch of FincoEnergies Americas is the latest step in the company’s global expansion, demonstrating its continued commitment to develop and deliver sustainable solutions that drive decarbonization in the heavy transport sector. It is FincoEnergies’ second base outside of Europe, after the launch of a Singapore office in early 2022.

Kimon Palinginis, Managing Director Business Innovation of FincoEnergies, said: “Following our remarkable success in Europe as the industry leader in sustainable marine biofuels and scope 3 insetting services, and our entry into the Asian market, we are now poised to channel our efforts toward serving the rapidly emerging Americas market. We are committed to delivering the same high-quality sustainable solutions that our global clients have come to expect from us in Europe and Asia.”

Kimberly Westmoreland, Managing Director of FincoEnergies for the Americas region, said: “I am genuinely inspired by the innovative mindset of FincoEnergies and the clear business achievements of GoodFuels and GoodShipping. I am proud to be at the forefront of the energy transition at FincoEnergies Americas, delivering solutions such as sustainable biofuels, carbon insetting and carbon offsetting that can make a tangible difference today on the environmental footprint of the maritime industry. I eagerly look forward to engaging with our valued customers and partners to deliver our vision of working together for a better world.”

Photo credit: FincoEnergies
Published: 19 October, 2023

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Alternative Fuels

Singapore Shipping Association to hold webinar on bio bunker fuel 

Alpha Biofuels’ Founder and CEO Mr Allan Lim will share insights into types of biofuel bunkers available in the market and cover their widespread applications across various industries, including shipping.

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Singapore Shipping Association to hold webinar on bio bunker fuel

Singapore Shipping Association (SSA) on Monday (4 December) said it was hosting an exclusive webinar hosted by Alpha Biofuels in the next instalment of SSA’s Educational Talks on 8 December. 

Alpha Biofuels’ Founder and CEO Mr Allan Lim will share insights into the diverse types of biofuels available in the market and cover their widespread applications across various industries, including shipping. 

The talk will cover topics focused on biofuel such as:

• Introduction of Alpha Biofuels

• Exploring Biofuel Types and Usage

• The Importance of Sustainability Certification

• Operational Efficiency and Storage Best Practices:

The details of the event are as follows: 

Date: Friday, 8 December 2023
Time: 4:00pm – 5:00 pm
Venue: ZOOM

Note: To register, click on this link (SSA/098/23/EML) here.

Photo credit: Singapore Shipping Association
Published: 5 December, 2023

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Biofuel

Vale partners with Oldendorff in its first bio bunker fuel trial for iron ore voyage

“Hinrich Oldendorff” loaded biofuel in Singapore on 16 October on ballast voyage to Brazil, B24 biofuel used is a blend of about 24% biodiesel produced with used cooking oil of vegetable origin and fuel oil.

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Vale partners with Oldendorff for its first bio bunker fuel trial for iron ore voyage

Global mining firm Vale on Thursday (30 November) said in partnership with Oldendorff Carriers, it has commenced its first biofuel voyage on a bulk vessel. 

The trial is taking place on an Oldendorff vessel performing a laden Vale voyage from Brazil to Asia, carrying a full cargo of iron ore. 

Hinrich Oldendorff loaded the biofuel in Singapore on 16 October on the ballast voyage to Brazil. The vessel then loaded Vale’s iron ore 29 November at Guaiba Island Terminal and will consume the blended biofuel on the laden leg from Brazil to Asia.

The B24 biofuel on board is a blend of about 24% biodiesel produced with used cooking oil of vegetable origin (286 metric tonnes) and fuel oil. The product supplied is both European Union Renewable Energy Directive (EU RED) compliant and certified by International Sustainability & Carbon Certification (ISCC). The expected well-to-wake CO2 equivalent savings is around 18% or 785 metric tonnes of CO2 equivalent and will contribute to Vale’s Scope 3 emission reduction.

Using biofuel on the laden voyage is part of the Ecoshipping program, an R&D initiative developed by Vale shipping area to reduce the shipping greenhouse gas emissions in line with the ambitions set by the International Maritime Organization (IMO). 

The programme is testing and developing solutions for the use of alternative fuels for shipping, in addition to piloting new energy efficiency technologies. 

Michelle Gonzalez, General Manager of Chartering, Long-Term Contracts and Operations at Vale, said: “We are happy to have great shipping partners committed to support our initiatives and make it happen, genuine collaborations and partnerships will be the key of the success.”

Oldendorff Carriers has previously performed biofuel trials on smaller vessels and for shorter voyages, but this will be Oldendorff's first full voyage consuming biofuel on a Newcastlemax.

Patrick Hutchins, CEO of Oldendorff Carriers, said: “We are delighted that Vale has chosen Oldendorff Carriers for their first biofuel voyage. We look forward to investigating further opportunities together with Vale to advance the shipping and mining industries progress in achieving sustainability goals.”

Photo credit: Vale
Published: 4 December, 2023

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Biofuel

Argus Media: European marine biodiesel prices converge

Market participants said uncertainty was a factor lending measured support to prices in recent weeks, eventually settled by decision by Dutch government to reduce multiplier for bio bunker fuels from 2024.

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Marine biodiesel blend price spreads converged along regional lines in November, as traded values eased in the west Mediterranean but held ground in northwest European ports.

1 December 2023 

The price of B24, a blend comprising 76pc very-low sulphur fuel oil (VLSFO) and 24pc used cooking oil methyl ester (Ucome), fell to $775.67/t, dob Algeciras-Gibraltar, on 15-30 November from $783.68/t in the two weeks prior.

The price slipped on the back of thinning trading activity as a consequence of limited marine biodiesel bunkering demand in the region, according to market participants. And unbalanced upstream fundamentals on the VLSFO and Ucome markets weighed on market fundamentals for the B24 blend.

Easing prices for marine biodiesel in the Mediterranean were not mirrored in northwest Europe. Argus assessed B30 (Ucome) fob ARA, which combines the European benchmark biodiesel assessment and fob VLSFO barge prices, at an average of $764.32/t in the second half of November — higher by $4.54/t from the average in 1-14 November.

Market participants reported firmer demand in Antwerp for the B30 (Ucome) fob ARA blend, ahead of introduction of the EU emissions trading system (ETS) regulations.

Argus assessed Ucome fob ARA range barges at an average of $1,262.25/t in the second half of November, higher by nearly $40.50/t than the average on 1-14 November as market participants held onto storage with an eye on a contango structure into 2024. As a consequence, the premium commanded by B24 dob Algeciras-Gibraltar to B30 (Ucome) fob ARA narrowed to $11.34/t (or 1.5pc) from $23.90/t (or 3.16pc) in the same timeframe.

The price convergence translated more prominently on the advanced biodiesel marine blend. The B30 advanced fatty acid methyl ester (Fame) 0°C CFPP dob ARA price — which incorporates a significant price deduction for advanced Dutch renewable fuel (HBE-G) tickets, which are available for those domestically blending biofuels produced from feedstocks listed in Annex IX Part A of the EU's Renewable Energy Directive (RED II) — rose to an average of $671.56/t in the second half of the month, from $660.68/t on 

1-14 November.

Market participants said uncertainty was a factor lending measured support to prices in recent weeks, eventually settled by the decision by the Dutch government to reduce the multiplier for biofuels in maritime shipping to 0.4 from 2024. Those in the market have sought to take advantage of the current multiplier of 0.8 before the year ends. B30 advanced Fame dob ARA prices should rise further in 2024 regardless of demand for the blend components, based on a lesser reduction in the HBE-G value that is deducted from the total.

Argus assessed B24 dob Algeciras-Gibraltar at a premium of $104.10/t (or 15.51pc) to the B30 advanced Fame dob ARA on 15-30 November, narrowing from the $123/t (or 18.66pc) premium held in the two weeks prior.

By Hussein Al-Khalisy

Photo credit and source: Argus Media
Published: 4 December, 2023

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